Yes, it's yet another update on our Toledo house, though things are only going from bad to worse...
A few weeks ago our realtor proposed we lower our price again, from $109,000 down to $104,900. The lower price would mean we'd lose around $25,000 if we got that asking price, and it just seems like we're fighting a losing battle, you know? So last week we called Terry, our realtor, to discuss it.
The highlights (if you can call them that) of the conversation were (1) the purpose of lowering the asking price is really to generate traffic through the house, (2) he thinks that even if we lowered our price to below $100,000 (yikes!) there's still a good chance it wouldn't sell soon, and (3) not only does the housing market in Toledo stink, but with all the general financial stuff going on, it's getting seriously hard for the average person to get a mortgage (down payment and good credit are essential).
So, based on those factors, Bill is finally agreeing that we should take it off the market and rent it for a year. I thought that a while back, but I wanted to be out from under it enough that I definitely agreed to keep it on the market for a while so we're not burdened with being landlords. But given the bleak outlook, renting is probably our best option, though it has pros and cons.
Primary cons of renting are: (1) going up there to show it to find a renter, (2) what if the renter trashes the place over the next year?, (3) our 5-yr adjustable rate mortgage starts adjusting next July, and (4) we'll still have to try and sell it again next year, or else rent it again.
Pros of renting are: (1) someone else can pay at least most of the mortgage for a while so we can save that $1000/month we've been paying toward it, (2) someone else can pay for utilities, mowing, snow removal, etc, and (3) general peace of mind that it's inhabited.
I'm hoping we can get an ad in the Toledo Blade asap to get someone in the house, and hopefully it won't cost too much - the Toledo Blade doesn't list their ad fees on their website. But if it saves us $1000/month, I'm sure the fees will be worth it. As for showing the house, last week when we discussed this Bill said he'd be willing to go up there an evening or two a week to do it, since I really can't with my schedule unless it's a Friday evening.
I'll keep you posted if anything comes of this. It's still going to be a rough ride for a while, but we're hanging in there....
A few weeks ago our realtor proposed we lower our price again, from $109,000 down to $104,900. The lower price would mean we'd lose around $25,000 if we got that asking price, and it just seems like we're fighting a losing battle, you know? So last week we called Terry, our realtor, to discuss it.
The highlights (if you can call them that) of the conversation were (1) the purpose of lowering the asking price is really to generate traffic through the house, (2) he thinks that even if we lowered our price to below $100,000 (yikes!) there's still a good chance it wouldn't sell soon, and (3) not only does the housing market in Toledo stink, but with all the general financial stuff going on, it's getting seriously hard for the average person to get a mortgage (down payment and good credit are essential).
So, based on those factors, Bill is finally agreeing that we should take it off the market and rent it for a year. I thought that a while back, but I wanted to be out from under it enough that I definitely agreed to keep it on the market for a while so we're not burdened with being landlords. But given the bleak outlook, renting is probably our best option, though it has pros and cons.
Primary cons of renting are: (1) going up there to show it to find a renter, (2) what if the renter trashes the place over the next year?, (3) our 5-yr adjustable rate mortgage starts adjusting next July, and (4) we'll still have to try and sell it again next year, or else rent it again.
Pros of renting are: (1) someone else can pay at least most of the mortgage for a while so we can save that $1000/month we've been paying toward it, (2) someone else can pay for utilities, mowing, snow removal, etc, and (3) general peace of mind that it's inhabited.
I'm hoping we can get an ad in the Toledo Blade asap to get someone in the house, and hopefully it won't cost too much - the Toledo Blade doesn't list their ad fees on their website. But if it saves us $1000/month, I'm sure the fees will be worth it. As for showing the house, last week when we discussed this Bill said he'd be willing to go up there an evening or two a week to do it, since I really can't with my schedule unless it's a Friday evening.
I'll keep you posted if anything comes of this. It's still going to be a rough ride for a while, but we're hanging in there....
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